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Overview: Following key national and state level elections this week, Congress continues to consider when to vote on both the infrastructure and reconciliation bills. At the time of writing this report, Speaker Pelosi is planning a vote on both bills today. If the House passes the budget reconciliation bill, it will head to the Senate, where it faces an uncertain path. Once the infrastructure bill passes the House, it will go to the president to be signed into law. Budget reconciliation and infrastructure: Speaker of the House Nancy Pelosi (D-Calif.) is currently moving forward on scheduling votes for the Senate-passed, bipartisan infrastructure bill and the latest House version of the budget reconciliation bill as soon as today. This morning, President Biden called for an immediate vote on both bills. The House recently modified the budget reconciliation bill, which contains roughly $1.75 trillion in spending on climate and the social safety net. It includes lower prescription drug prices for seniors and families, four weeks of paid family leave, and new protections and work permits for millions of immigrants (though no path to citizenship). If the House passes the budget reconciliation bill, it will head to the Senate, where it faces an uncertain path. Once the infrastructure bill passes the House, it will go to President Biden for his signature and become law. Funding the government and debt ceiling: Funding for the government and debt ceiling will expire December 3. At that point, Congress must pass either its full slate of appropriations bills for FY23 or another "continuing resolution" to fund the government at existing levels until the permanent appropriations bills can be passed. Jobs: "In the week ending October 30, the advance figure for seasonally adjusted initial [unemployment insurance] claims was 269,000, a decrease of 14,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020, when it was 256,000." (Source) Affordable housing: House Democrats added an additional $850 million for housing programs to an updated text of the budget reconciliation bill, which means total housing spending is almost $154 billion. The additions include $100 million to fund mortgages of no more than $100,000 insured by HUD and a $500 million boost to fund affordable housing construction through the Treasury Department's Community Development Financial Institution. (CQ News) Child Tax Credit: The administration's framework includes an extension of the child tax credit through 2022. It provides $300 per month per child under 6 and $250 per month per child ages 6 to 17 (See section 137102, "Extension and Modification of Child Tax Credit," in the text of the reconciliation bill). There is still time to sign up for current child tax credit payments before the Nov. 17 deadline. Click here to access the tool. Help with mortgage and rent payments: The Consumer Financial Protection Bureau provides help for homeowners, renters and landlords affected by the coronavirus pandemic. The following tools are available: - Help for renters - Renters who were impacted financially by the pandemic may be behind on rent, or even facing eviction. Federal, state, and local governments are offering help with housing expenses and avoiding eviction.
- Help for homeowners - Homeowners who have had trouble making mortgage payments because of a COVID-19 related hardship may need information about entering, extending, or exiting forbearance, options for making up their missed payments, and avoiding foreclosure.
- Help for landlords - Landlords are an important part of the rental economy. There are options for landlords to keep in control of their property and financial situation.
More information is available at consumerfinance.gov/housing. (Source)
COVID-19 Vaccination and Testing: The Department of Labor Occupational Safety and Health Administration (OSHA) issued an interim final rule on COVID-19 Vaccination and Testing Emergency Temporary Standards (ETS). The ETS establishes vaccination requirements, vaccination verification, face covering and testing requirements in all workplaces under OSHA's authority with 100 or more employees. However, employees that do not report to the workplace, work from home, or outside are not subject to the requirements. The rule is expected to go into effect on November 5 and would preempt State and local laws. While this proposed rule is limited to employers with more than 100 employees, OSHA is also assessing the capacity of smaller employers and seeking information to help the agency with making the determination. For more information, click here. |
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